Foreign tax paid within an IRA...yes or no to claim credit?

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  • AZ-Tax
    Senior Member
    • Feb 2008
    • 2604
    #1

    Foreign tax paid within an IRA...yes or no to claim credit?

    Got to admit, never saw this before. IRA statement shows foreign tax paid. Can my client claim the Foreign Tax Paid credit?
    Tags: None
    • Burke
      Senior Member
      • Jan 2008
      • 7068
      #2
      No. Assume this was just on a statement and not on any kind of 1099.

        Comment

        • AZ-Tax
          Senior Member
          • Feb 2008
          • 2604
          #3
          Burke, correct just disclosed on statement and not any 1099

          Originally posted by Burke
          No. Assume this was just on a statement and not on any kind of 1099.
          Burke, correct just disclosed on statement and not any 1099

            Comment

            • FEDUKE404
              Senior Member
              • May 2007
              • 3650
              #4
              Furthermore...

              This is one of those "of course not" questions.

              Not too far from the smart person who puts tax-free bonds into an IRA account to "save" some taxes.

              As Burke noted, for this taxpayer the information apparently just showed up on a monthly/annual account statement and not on anything even resembling a tax document.

              FE

                Comment

                • S T
                  Senior Member
                  • Jun 2005
                  • 5053
                  #5
                  Agree

                  IRA earnings not taxable, so FT indicated can not be deducted.
                  Character of the Account

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